Scotland - Fixed Price

LB25

Hi,

I wonder if anyone can help answer a question?

We've put an offer in for a property 10% below the fixed price but the estate agents say that there are other people interested (although no offers yet) and it may be going to a closing date.

I'm confused as I thought closing dates were only for offers over?

Any help is appreciated!

Thanks!

poppysarah

Put in your offer. If it's the most you want to pay for that property leave it at that,

How long has it been on for? Install property bee and view rightmove to see dates and price reductions.

blued

Fixed price normally means just that, the price is fixed at what they want for the property so no closing date. It might be that someone else has put an offer in below the fixed price which is why there is a closing date.

googler

There's nothing to stop the sellers declaring a closing date, in the same way that there's nothing to stop them accepting the first offer at the fixed price, even though there may be other interest.

Question is, do you feel you want to pay more? There may be someone out there who's going to pay the fixed price, maybe not. If you're willing to pay more, re-draft your offer for a higher amount. If not, leave it as is.

If you don't want to wait, you could always ask your solicitor to re-draft your offer, to specify that you want an acceptance or denial by close of business same day or day after. Then the selling agent will have to take your offer to the client, get a Y/N from them, and come back to you. Don't accept any bluster from the selling agents that they 'have to wait till the closing date' - put your offer in, and mark it for acceptance or denial by a certain time and date. Don't accept any bluster from your solicitor that they can't do this, or that they don't want to upset or offend the selling agent. They're acting under your instruction; tell them this is the way you want it.

Rimo2021

Fixed price only means the property is available to buy immediately at THAT price not 10% under!

Nothing wrong with wanting to try and buy it for less (quite right in fact!) but the vendor is entitled to either accept your offer if he thinks it's the best he'll get or else if there's other interest he can try and get a bit of competition going in the hope of someone bidding an extra few K rather than lose the house..

from a sellers point of view if there are several genuinely interested parties it's almost always worth doing the closing date thing as that makes people bid their 'real' top price not their 'negotiation' price.

My advice would be try not to be influenced by the estate agent who may just be trying to squeeze and extra few K out of you. Just tell him if the 10% under offer is not acceptable to withdraw it and to let you know when the closing date is and you'll consider putting an offer in then if you are still interested - and if 10% under the fixed price is right for you just stick with that.

Did you put the offer in through your solicitor?

LB25

Thanks - yes we did put the offer through our solicitor but they came back and said absolutely not straight away. This was on Monday and they said that it was very competive and that they had several other interested parties. I noted my interest but I haven't heard back from them at all so they can't have had any other offers. I'm not sure whether to just wait it out.